Keppel FELS Limited has entered into a Heads of Agreement with Borr Drilling Limited of Bermuda, with an approval of Transocean, whereby the construction contracts for the five jackup rigs currently being built by Keppel FELS for Transocean will be novated to Borr Drilling. The transaction is subject to all three parties executing definitive agreements and satisfying formal closing conditions. The completion of the transaction is expected to take place before the end of May 2017.
Under the new agreement, Borr will take over the contracts and undertake the remaining payment instalments to Keppel.
The deal is a testament to the reliability and strong demand for Keppel’s proprietary KFELS Super B Class rigs.
The KFELS Super B Class rigs are designed to operate in a 400 ft water depth and drill to 35,000 ft. In addition, the rig will be installed with an offline stand building featured in its drilling system package, which allows drilling and the preparation of drill pipes to take place simultaneously. The rig is capable of drilling at a 75 ft outreach, allowing for coverage of a larger well pattern.
